Russell Kennedy Senior Associate, Adam Colabufalo has had an article titled "New measures to increase directors' liability and target illegal phoenix activity" published by Thomson Reuters in their Practical Law publication.
The Australian government has introduced new measures to increase director liabilities and compliance specifically in relation to targeting illegal "phoenix activity".
In response to reforms proposed in 2017, $40 million over four years has been committed to implementing measures to tackle illegal phoenix activity. The measures will make changes to company and tax laws in relation to directors' personal liability for company debts, to prevent directors avoiding their financial responsibilities to their companies, shareholders, employees and the ATO.
Download the full article here or read the article from Thomson Reuters' website here.